2020 (4) TMI 53

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..... n the basis of the substantial question of law as raised. - Income Tax Appeal No. - 137 of 2018 - - - Dated:- 13-1-2020 - Biswanath Somadder And Ajay Bhanot JJ. For the Appellant : Suyash Agarwal For the Respondent : Manu Ghildyal ORDER This appeal was admitted on the substantial question of law as framed in the memorandum of appeal, which reads as follows:- (i) Whether the Appellate Tribunal was legally justified in upholding estimation of peak credit made by A.O. without rejecting books of accounts? In the facts of the instant case, we notice that an assessment order was passed on 21th December, 2009, relevant portion whereof is reproduced hereinbelow along with its english translation :- In this re .....

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..... 7; 11,43,443/- deposited in the aforesaid bank accounts is considered as deposited by the assessee through his undeclared sources and is considered as his income of the year in question. Since in this tax assessment year the assessee has shown gross income of Rs- 2,17,635/- in his income-tax details, therefore the rest amount Rs.- 9,25,808/- is added to the income of the assessee. Addition Rupees- 9,25,808/- As per the aforesaid, the tax of the assessee is assessed on the income of Rs.- 11,43,443/-. Demand letter and challan be issued and interest be separately charged as per the rule under sections 234A, 234B, 234C. As well, penalty notice also be issued under section 271(1) (c) of the Income Tax Act, because the assessee has con .....

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..... ssed below. Therefore, the action of the lower authorities is confirmed and addition sustained by Ld. CIT(A) is also upheld by us . A plain reading of the above clearly reveals that in the fact situation of the case, the learned counsel had tried to rework the amount of peak credits, but the learned Appellate Tribunal was not impressed with that working since it was self serving. As such, in the facts and circumstances of the instant case, the learned Appellate Tribunal cannot be held to have not been legally justified in upholding estimation of peak credit made by the Assessing Officer without rejecting the books of accounts. As such, the order of the learned Appellate Tribunal does not warrant any interference on the basis of the s .....

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